Organization which operates for benefit of college or university and is owned or operated by a governmental unit

Organization

Corporation

Exempt Organization Status

Unconditional Exemption

Tax Period

06/2014

Assets

$50,000,000 to greater

Income

$10,000,000 to $49,999,999

Filing Requirement

990 (all other) or 990EZ return

Asset Amount

$256,649,235

Amount of Income

$32,923,992

Form 990 Revenue Amount

$30,209,133

National Taxonomy of Exempt Entities (NTEE)

Educational Institutions and Related Activities: Single Organization Support

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Amount of income in 2014: $32,923,992

Medical Foundation Of North Carolina Inc:

$32,923,992

Other organizations performing similar types of work:

$7,370,772

Assets in 2014: $256,649,235

Medical Foundation Of North Carolina Inc:

$256,649,235

Other organizations performing similar types of work:

$26,018,213

Expenses in 2014: $19,961,750

This organization:

$19,961,750

Other organizations performing similar types of work:

$2,570,274

Income to expenses ratio in 2014: 1.6

This organization:

1.6

Other organizations performing similar types of work:

2.5

Expenses allocated to program services in 2007: 88.2%

This organization:

88.2%

Other organizations performing similar types of work:

84.4%

Grants share in income in 2014: 63.8%

Medical Foundation Of North Carolina Inc:

63.8%

Other organizations performing similar types of work:

27.0%

Financial snapshot ($)

Revenue for 2014

Assets at the end of 2014

Functional expenses for 2014

Support schedule

Checklist

2012

2013

2014

Is the organization described in section 501(c)(3) or 4947(a)(1) (other than a private foundation)?

No

No

Yes

Is the organization required to complete Schedule B, Schedule of Contributors?

Yes

Yes

Yes

Did the organization engage in direct or indirect political campaign activities on behalf of or in opposition to candidates for public office?

No

No

No

Did the organization engage in lobbying activities, or have a section 501(h) election in effect during the tax year?

No

No

No

Is the organization a section 501(c)(4), 501(c)(5), or 501(c)(6) organization that receives membership dues, assessments, or similar amounts as defined in Revenue Procedure 98-19?

No

No

No

Did the organization maintain any donor advised funds or any similar funds or accounts for which donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts?

No

No

No

Did the organization receive or hold a conservation easement, including easements to preserve open space, the environment, historic land areas, or historic structures?

No

No

No

Did the organization maintain collections of works of art, historical treasures, or other similar assets?

No

No

No

Did the organization report an amount for escrow or custodial account liability; serve as a custodian or provide credit counseling, debt management, credit repair, or debt negotiation services?

No

No

No

Did the organization, directly or through a related organization, hold assets in temporarily restricted endowments, permanent endowments, or quasi-endowments?

No

No

Yes

Did the organization report an amount for land, buildings, and equipment?

Yes

Yes

Yes

Did the organization report an amount for investments-other securities that is 5% or more of its total assets?

Yes

Yes

Yes

Did the organization report an amount for investments-program related that is 5% or more of its total assets?

No

No

No

Did the organization report an amount for other assets that is 5% or more of its total assets?

No

No

No

Did the organization report an amount for other liabilities?

Yes

Yes

Yes

Did the organization's separate or consolidated financial statements for the tax year include a footnote that addresses the organization's liability for uncertain tax positions under FIN 48 (ASC 740)?

Yes

Yes

Yes

Did the organization obtain separate, independent audited financial statements for the tax year?

No

No

No

Was the organization included in consolidated, independent audited financial statements for the tax year?

Yes

Yes

Yes

Is the organization a school described in section 170(b)(1)(A)(ii)?

No

No

No

Did the organization maintain an office, employees, or agents outside of the United States?

No

No

No

Did the organization have aggregate revenues or expenses of more than $10,000 from grantmaking, fundraising, business, investment, and program service activities outside the United States, or aggregate foreign investments valued at $100,000 or more?

No

No

No

Did the organization report more than $5,000 of grants or other assistance to or for any foreign organization?

No

No

No

Did the organization report more than $5,000 of aggregate grants or other assistance to or for foreign individuals?

No

No

No

Did the organization report a total of more than $15,000 of expenses for professional fundraising services?

No

No

Yes

Did the organization report more than $15,000 total of fundraising event gross income and contributions?

Yes

Yes

Yes

Did the organization report more than $15,000 of gross income from gaming activities?

No

No

No

Did the organization operate one or more hospital facilities?

No

No

No

Did the organization attach a copy of its audited financial statements?

No

No

No

Did the organization report more than $5,000 of grants or other assistance to any domestic organization or domestic government?

Yes

Yes

Yes

Did the organization report more than $5,000 of grants or other assistance to or for domestic individuals?

Yes

Yes

Yes

Did the organization answer 'Yes' about compensation of the organization's current and former officers, directors, trustees, key employees, and highest compensated employees?

Yes

Yes

Yes

Did the organization have a tax-exempt bond issue with an outstanding principal amount of more than $100,000 as of the last day of the year, that was issued after December 31, 2002?

No

No

No

Did the organization invest any proceeds of tax-exempt bonds beyond a temporary period exception?

No

No

No

Did the organization maintain an escrow account other than a refunding escrow at any time during the year to defease any tax-exempt bonds?

No

No

No

Did the organization act as an 'on behalf of' issuer for bonds outstanding at any time during the year?

No

No

No

Did the organization engage in an excess benefit transaction with a disqualified person during the year?

No

No

No

Is the organization aware that it engaged in an excess benefit transaction with a disqualified person in a prior year, and that the transaction has not been reported on any of the organization's prior Forms 990 or 990-EZ?

No

No

No

Did the organization report any amount for receivables from or payables to any current or former officers, directors, trustees, key employees, highest compensated employees, or disqualified persons?

No

No

No

Did the organization provide a grant or other assistance to an officer, director, trustee, key employee, substantial contributor or employee thereof, a grant selection committee member, or to a 35% controlled entity or family member of any of these persons?

No

No

No

Was the organization a party to a business transaction with one of the following parties

A current or former officer, director, trustee, or key employee?

No

No

No

A family member of a current or former officer, director, trustee, or key employee?

No

No

No

An entity of which a current or former officer, director, trustee, or key employee (or a family member thereof) was an officer, director, trustee, or direct or indirect owner?

No

No

No

Did the organization receive more than $25,000 in non-cash contributions?

Yes

Yes

Yes

Did the organization receive contributions of art, historical treasures, or other similar assets, or qualified conservation contributions?

No

No

No

Did the organization liquidate, terminate, or dissolve and cease operations?

No

No

No

Did the organization sell, exchange, dispose of, or transfer more than 25% of its net assets?

No

No

No

Did the organization own 100% of an entity disregarded as separate from the organization under Regulations sections 301.7701-2 and 301.7701-3?

Yes

Yes

Yes

Was the organization related to any tax-exempt or taxable entity?

Yes

Yes

Yes

Did the organization have a controlled entity within the meaning of section 512(b)(13)?

Yes

Yes

Yes

Did the organization make any transfers to an exempt non-charitable related organization?

No

No

No

Did the organization conduct more than 5% of its activities through an entity that is not a related organization and that is treated as a partnership for federal income tax purposes?

No

No

No

Statements Regarding Other IRS Filings and Tax Compliance

2011

2012

2013

2014

The number reported in Box 3 of Form 1096

89

132

122

The number of Forms W-2G

0

0

0

Did the organization comply with backup withholding rules for reportable payments to vendors and reportable gaming (gambling) winnings to prize winners?

Yes

Yes

Yes

The number of employees reported on Form W-3, Transmittal of Wage and Tax Statements, filed for the calendar year ending with or within the year covered by this return

0

0

0

Did the organization file all required federal employment tax returns?

No

No

No

Did the organization have unrelated business gross income of $1,000 or more during the year?

No

No

No

No

Has it filed a Form 990-T for this year?

No

No

No

At any time during the calendar year, did the organization have an interest in, or a signature or other authority over, a financial account in a foreign country (such as a bank account, securities account, or other financial account)?

No

No

No

Was the organization a party to a prohibited tax shelter transaction at any time during the tax year?

No

No

No

Did any taxable party notify the organization that it was or is a party to a prohibited tax shelter transaction?

No

No

No

Did the organization file Form 8886-T?

No

No

No

Does the organization have annual gross receipts that are normally greater than $100,000, and did the organization solicit any contributions that were not tax deductible as charitable contributions?

No

No

No

Did the organization include with every solicitation an express statement that such contributions or gifts were not tax deductible?

No

No

No

Did the organization receive a payment in excess of $75 made partly as a contribution and partly for goods and services provided to the payor?

Yes

Yes

Yes

Did the organization notify the donor of the value of the goods or services provided?

Yes

Yes

Yes

Did the organization sell, exchange, or otherwise dispose of tangible personal property for which it was required to file Form 8282?

No

No

No

Did the organization receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?

No

No

No

Did the organization, during the year, pay premiums, directly or indirectly, on a personal benefit contract?

No

No

No

If the organization received a contribution of qualified intellectual property, did the organization file Form 8899 as required?

No

Yes

Yes

If the organization received a contribution of cars, boats, airplanes, or other vehicles, did the organization file a Form 1098-C?

No

No

No

Did a donor advised fund maintained by the sponsoring organization have excess business holdings at any time during the year?

No

No

No

Did the sponsoring organization make any taxable distributions under section 4966?

No

No

No

Did the sponsoring organization make a distribution to a donor, donor advisor, or related person?

No

No

No

Initiation fees and capital contributions

$0

$0

$0

$0

Gross receipts for public use of club facilities

$0

$0

$0

$0

Gross income from members or shareholders

$0

$0

$0

$0

Gross income from other sources

$0

$0

$0

$0

Is the organization filing Form 990 in lieu of Form 1041?

No

No

No

The amount of tax-exempt interest received or accrued during the year

$0

$0

$0

Is the organization licensed to issue qualified health plans in more than one state?

No

No

No

The amount of reserves the organization is required to maintain by the states in which the organization is licensed to issue qualified health plans

$0

$0

$0

The amount of reserves on hand

$0

$0

$0

Did the organization receive any payments for indoor tanning services during the tax year?

Total estimated amount of other compensation from the organization and related organizations

$143,624

$227,310

$159,407

Total number of individuals who received more than $100,000 of reportable compensation from the organization

6

7

7

Total number of independent contractors who received more than $100,000 of compensation from the organization

6

3

4

Statement of Revenue

2011

2012

2013

2014

Total revenue

$24,249,891

$20,420,556

$31,064,648

$30,209,133

Contributions, Gifts, Grants and Other Similar Amounts

$13,998,744

$12,851,464

$15,708,434

$19,280,588

Program Service Revenue

$0

$547,674

$519,691

$440,087

900099

$240,406

$273,465

$399,961

900099

$307,268

$246,226

$40,126

All other program service revenue

$0

$0

$0

Other Revenue

Investment income (including dividends, interest, and other similar amounts)

$2,662,512

$2,509,271

$2,534,634

$2,421,005

Income from investment of tax-exempt bond proceeds

$0

$0

$0

$0

Royalties

$0

$0

$0

$0

Net rental income

$0

$0

$0

$0

Net gain/loss from sales of assets other than inventory

$6,926,564

$4,361,191

$12,168,545

$7,480,408

Gross amount from sales of assets other than inventory (Securities / Other)

$6,926,564 / $0

$19,091,181 / $56,000

$19,577,555 / $0

$9,885,449 / $0

Less: cost or other basis and sales expenses (Securities / Other)

$0 / $0

$14,741,736 / $44,254

$7,409,010 / $0

$2,405,041 / $0

Gain or (loss) (Securities / Other)

$6,926,564 / $0

$4,349,445 / $11,746

$12,168,545 / $0

$7,480,408 / $0

Net income/loss from fundraising events

$422,185

$-15,784

$23,438

$493,284

Gross income from fundraising events

$662,435

$165,984

$355,191

$803,102

Less: direct expenses

$240,250

$181,768

$331,753

$309,818

Net income/loss from gaming activities

$0

$0

$0

$0

Net income/loss from sales of inventory

$0

$0

$0

$0

Miscellaneous Revenue

$239,886

$166,740

$109,906

$93,761

900099

$166,740

$109,906

$93,761

All other revenue

$0

$0

$0

Statement of Functional Expenses

2011

2012

2013

2014

Total functional expenses

$24,753,067

$19,971,702

$20,211,688

$19,961,750

Grants and other assistance to domestic organizations and domestic governments

$13,973,915

$15,065,242

$14,552,896

Grants and other assistance to domestic individuals

$1,541,595

$1,348,040

$1,910,667

Grants and other assistance to foreign organizations, foreign governments, and foreign individuals

$0

$0

$0

Benefits paid to or for members

$0

$0

$0

Compensation of current officers, directors, trustees, and key employees

$1,303,013

$554,504

$310,875

$129,021

Compensation not included above, to disqualified persons

$0

$0

$0

Other salaries and wages

$706,687

$1,246,128

$753,332

$554,252

Pension plan accruals and contributions

$174,924

$111,059

$75,515

Other employee benefits

$165,468

$105,057

$71,433

Payroll taxes

$43,038

$132,374

$84,046

$57,147

Fees for services (non-employees)

Management

$0

$0

$0

Legal

$0

$0

$0

Accounting

$0

$0

$0

Lobbying

$0

$0

$0

Professional fundraising services

$0

$0

$0

$129,671

Investment management fees

$426,238

$467,086

$358,999

Other

$196,071

$256,439

$485,128

Advertising and promotion

$0

$0

$0

Office expenses

$66,210

$49,628

$78,272

Information technology

$0

$100,244

$37,989

Royalties

$0

$0

$0

Occupancy

$95,193

$96,672

$100,596

Travel

$48,901

$36,076

$16,175

Payments of travel or entertainment expenses for any federal, state, or local public officials

$0

$0

$0

Conferences, conventions, and meetings

$29,729

$28,160

$52,907

Interest

$0

$0

$0

Payments to affiliates

$0

$0

$0

Depreciation, depletion, and amortization

$94,176

$85,116

$53,336

Insurance

$61,489

$188,876

$170,339

Other expenses

$886,432

$972,418

$1,011,789

Other expenses

$109,423

$69,519

$47,825

Other expenses

$78,919

$20,717

$3,921

Other expenses

$78,921

$63,086

$63,872

Balance Sheet

2011

2012

2013

2014

Total assets

$215,913,454

$213,418,602

$228,522,001

$256,649,235

Cash - non-interest-bearing

$0

$0

$0

Savings and temporary cash investments

$48,950,742

$51,528,682

$58,332,857

Pledges and grants receivable, net

$6,815,325

$7,177,526

$7,924,463

Accounts receivable, net

$0

$0

$0

Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees

$0

$0

$0

Loans and other receivables from other disqualified persons, persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations

$0

$0

$0

Notes and loans receivable, net

$0

$0

$0

Inventories for sale or use

$0

$0

$0

Prepaid expenses and deferred charges

$0

$0

$0

Land, buildings, and equipment: cost or other basis

$502,419

$439,099

$381,446

Investments - publicly traded securities

$30,550,491

$33,068,609

$39,120,158

Investments - other securities

$122,312,437

$131,940,142

$146,692,192

Investments - program-related

$0

$0

$0

Intangible assets

$0

$0

$0

Other assets

$4,287,188

$4,367,943

$4,198,119

Total liabilities

$516,408

$690,440

$353,594

$404,760

Accounts payable and accrued expenses

$661,175

$243,650

$367,545

Grants payable

$0

$0

$0

Deferred revenue

$0

$77,879

$1,703

Tax-exempt bond liabilities

$0

$0

$0

$0

Escrow or custodial account liability

$0

$0

$0

Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified persons

$0

$0

$0

Secured mortgages and notes payable to unrelated third parties

$0

$0

$0

$0

Unsecured notes and loans payable to unrelated third parties

$0

$0

$0

$0

Other liabilities (including federal income tax, payables to related third parties, and other liabilities)

$29,265

$32,065

$35,512

Total net assets or fund balances

$215,397,046

$212,728,162

$228,168,407

$256,244,475

Unrestricted net assets

$7,815,535

$8,328,424

$9,813,649

Temporarily restricted net assets

$129,816,551

$142,145,858

$163,592,811

Permanently restricted net assets

$75,096,076

$77,694,125

$82,838,015

Capital stock or trust principal, or current funds

$0

$0

$0

Paid-in or capital surplus, or land, building, or equipment fund

$0

$0

$0

Retained earnings, endowment, accumulated income, or other funds

$0

$0

$0

$0

Reason for Public Charity Status (for 2014)

The organization is not a private foundation because it is:

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)

Number of organizations supported

0

Sum of amounts of support

$0

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2010 - 2014)

2010 - 2014 Total

Public Support

$83,187,335

Subtotal Support

$83,884,390

Gifts, grants, contributions, and membership fees received

$75,705,367

Tax revenues levied for the organization's benefit and either paid to or expended on its behalf

$0

The value of services or facilities furnished by a governmental unit to the organization without charge

$8,179,023

The portion of total contributions by each person (other than a governmental unit or publicly supported organization) that exceeds 2% of the total support

$697,055

Total Support

$101,103,392

Public Support

$83,884,390

Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources

$11,970,138

Net income from unrelated business activities, whether or not the business is regularly carried on

$0

Other income. Do not include gain or loss from the sale of capital assets

$5,248,864

Gross receipts from related activities, etc.

$0

Revenue, Expenses, and Changes in Net Assets or Fund Balances

2000

2001

2002

2003

2004

2005

2006

2007

Total revenue

$29,061,881

$19,304,163

$12,010,786

$16,677,225

$24,941,982

$49,004,903

$35,092,673

$47,399,571

Contributions, gifts, grants, and similar amounts received

$12,667,477

$15,696,040

$8,057,383

$9,033,597

$15,369,525

$15,953,101

$19,294,750

$24,851,570

Contributions to donor advised funds

$0

$0

Direct public support

$12,667,477

$15,696,040

$8,057,383

$9,033,597

$15,369,525

$15,953,101

$19,294,750

$24,851,570

Indirect public support

$0

$0

$0

$0

$0

$0

$0

$0

Government contributions (grants)

$0

$0

$0

$0

$0

$0

$0

$0

Program service revenue including government fees and contracts

$0

$0

$0

$0

$0

$0

$0

$0

Membership dues and assessments

$0

$0

$0

$0

$0

$0

$0

$0

Interest on savings and temporary cash investments

$0

$0

$0

$0

$0

$0

$0

$14,628,762

Dividends and interest from securities

$3,809,232

$4,096,197

$3,604,967

$3,605,019

$3,860,562

$4,517,132

$9,072,890

$0

Net rental income or (loss)

$0

$0

$0

$0

$0

$0

$0

$0

Gross rents

$0

$0

$0

$0

$0

$0

$0

$0

Less: rental expenses

$0

$0

$0

$0

$0

$0

$0

$0

Other investment income

$0

$0

$-368,858

$3,670,471

$0

$0

$0

$0

Gain or (loss) from sales of assets other than inventory

$12,018,600

$-1,016,276

$-10,152

$-77,605

$5,157,775

$27,546,201

$5,939,589

$7,001,264

Gross amount from sales of assets other than inventory

$12,217,270

$3,000

$43,750

$185,874

$5,412,476

$27,838,414

$6,029,053

$7,014,860

Less: cost or other basis and sales expenses

$198,670

$1,019,276

$53,902

$263,479

$254,701

$292,213

$89,464

$13,596

Net income or (loss) from special events and activities

$566,572

$528,202

$727,446

$445,743

$554,120

$988,469

$785,444

$0

Gross revenue

$566,572

$528,202

$727,446

$445,743

$554,120

$988,469

$785,444

$0

Less: direct expenses other than fundraising expenses

$0

$0

$0

$0

$0

$0

$0

$0

Gross profit or (loss) from sales of inventory

$0

$0

$0

$0

$0

$0

$0

$0

Gross sales of inventory, less returns and allowances

$0

$0

$0

$0

$0

$0

$0

$0

Less: cost of goods sold

$0

$0

$0

$0

$0

$0

$0

$0

Other revenue

$0

$0

$0

$0

$0

$0

$0

$917,975

Total expenses

$8,676,742

$11,296,089

$12,111,289

$11,974,362

$16,018,991

$16,957,285

$18,134,031

$23,842,946

Program services

$7,183,031

$9,761,395

$10,333,820

$10,160,058

$14,033,976

$14,859,381

$15,409,135

$21,028,813

Management and general

$632,371

$791,751

$871,054

$796,610

$984,696

$979,122

$1,364,698

$1,555,936

Fundraising

$861,340

$742,943

$906,415

$1,017,694

$1,000,319

$1,118,782

$1,360,198

$1,258,197

Payments to affiliates

$0

$0

$0

$0

$0

$0

$0

$0

Net assets or fund balances at end of year

$143,074,208

$148,105,118

$148,914,600

$164,999,234

$181,372,391

$200,814,685

$234,113,477

$234,501,085

Excess or (deficit) for the year

$20,385,139

$8,008,074

$-100,503

$4,702,863

$8,922,991

$32,047,618

$16,958,642

$23,556,625

Net assets or fund balances at beginning of year

$134,226,931

$143,074,208

$148,105,118

$148,914,600

$164,999,234

$181,372,391

$200,814,685

$234,113,477

Other changes in net assets or fund balances

$-11,537,862

$-2,977,164

$909,985

$11,381,771

$7,450,166

$-12,605,324

$16,340,150

$-23,169,017

Statement of Functional Expenses (for 2007)

Total

Program services

Management and general

Fundraising

Total functional expenses

$23,842,946

$21,028,813

$1,555,936

$1,258,197

Grants paid from donor advised funds

$0

Other grants and allocations

$21,028,813

Specific assistance to individuals

$0

Benefits paid to or for members

$0

Compensation of current officers, directors, key employees, etc.

$666,003

$0

$294,379

$371,624

Compensation of former officers, directors, key employees, etc.

$0

$0

$0

$0

Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)

$0

$0

$0

$0

Salaries and wages of employees not included above

$696,932

$0

$94,067

$602,865

Pension plan contributions not included above

$0

$0

$0

$0

Employee benefits not included above

$0

$0

$0

$0

Payroll taxes

$0

$0

$0

$0

Professional fundraising fees

$0

$0

$0

$0

Accounting fees

$0

$0

$0

$0

Legal fees

$0

$0

$0

$0

Supplies

$0

$0

$0

$0

Telephone

$58,998

$0

$27,275

$31,723

Postage and shipping

$0

$0

$0

$0

Occupancy

$13,306

$0

$6,653

$6,653

Equipment rental and maintenance

$9,024

$0

$4,512

$4,512

Printing and publications

$102,630

$0

$67,991

$34,639

Travel

$24,081

$0

$1,157

$22,924

Conferences, conventions, and meetings

$92,348

$0

$53,069

$39,279

Interest

$0

$0

$0

$0

Depreciation, depletion, etc.

$74,251

$0

$74,251

$0

Other expenses not covered above

$1,076,560

$0

$932,582

$143,978

Balance Sheets

2000

2001

2002

2003

2004

2005

2006

2007

Total assets

$143,655,366

$149,780,374

$150,529,179

$166,763,394

$182,939,934

$201,420,827

$234,810,777

$234,873,072

Cash - non-interest-bearing

$0

$0

$0

$30,653,933

$33,976,797

$34,125,588

$40,951,909

$45,758,794

Savings and temporary cash investments

$25,468,117

$26,383,755

$30,972,927

$0

$0

$0

$0

$0

Accounts receivable less allowance for doubtful accounts

$116,847

$55,932

$55,102

$45,120

$39,095

$39,095

$48,049

$36,198

Pledges receivable less allowance for doubtful accounts

$11,273,858

$16,135,368

$14,350,190

$11,235,630

$13,102,562

$15,102,911

$15,571,881

$15,148,135

Grants receivable

$0

$0

$0

$0

$0

$0

$0

$0

Receivables from current and former officers, directors, trustees, and key employees

$0

$0

$0

$0

$0

$0

$0

$0

Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)

Reconciliation of Revenue per Audited Financial Statements With Revenue per Return

2000

2001

2002

2003

2004

2005

2006

2007

Total revenue

$29,061,881

$19,304,163

$12,010,786

$16,677,225

$24,941,982

$49,004,903

$35,092,673

$47,399,571

Total revenue, gains, and other support per audited financial statements

$17,524,019

$16,326,999

$12,920,771

$28,058,996

$32,392,148

$49,004,903

$52,527,760

$24,230,554

Other expenses

$-11,537,862

$-2,977,164

$909,985

$11,381,771

$7,450,166

$0

$17,435,087

$-23,169,017

Net unrealized gains on investments

$-11,537,862

$-2,977,164

$909,985

$11,381,771

$7,450,166

$0

$17,435,087

$-23,169,017

Donated services and use of facilities

$0

$0

$0

$0

$0

$0

$0

$0

Recoveries of prior year grants

$0

$0

$0

$0

$0

$0

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

Other revenue

$0

$0

$0

$0

$0

$0

$0

$0

Investment expenses

$0

$0

$0

$0

$0

$0

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

Reconciliation of Expenses per Audited Financial Statements With Expenses per Return

2000

2001

2002

2003

2004

2005

2006

2007

Total expenses

$8,676,742

$11,296,089

$12,111,289

$11,974,362

$16,018,991

$16,957,285

$18,134,031

$23,842,946

Total expenses and losses per audited financial statements

$8,676,742

$11,296,089

$12,111,289

$11,974,362

$16,018,991

$29,562,609

$18,134,031

$23,842,946

Other revenue

$0

$0

$0

$0

$0

$12,605,324

$0

$0

Donated services and use of facilities

$0

$0

$0

$0

$0

$0

$0

$0

Prior year adjustments

$0

$0

$0

$0

$0

$0

$0

$0

Losses

$0

$0

$0

$0

$0

$12,605,324

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

Other expenses

$0

$0

$0

$0

$0

$0

$0

$0

Investment expenses

$0

$0

$0

$0

$0

$0

$0

$0

Other

$0

$0

$0

$0

$0

$0

$0

$0

Current Officers, Directors, Trustees, and Key Employees

Average hours per week devoted to position

Compensation

Contributions to employee benefit plans & deferred compensation plans

Expense account and other allowances

40

$11,236

$2,360

$0

40

$135,595

$28,475

$0

40

$144,690

$30,385

$0

40

$22,500

$4,725

$0

40

$66,721

$14,011

$0

40

$62,025

$13,025

$0

40

$107,649

$22,606

$0

Total number of officers, directors, and trustees permitted to vote on organization business at board meetings

12

Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?

No

Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?

Yes

Does the organization have a written conflict of interest policy?

Yes

Other Information

Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?

No

Was there a liquidation, dissolution, termination, or substantial contraction during the year?

No

Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?

Yes

Direct and indirect political expenditures

$0

Did the organization file Form 1120-POL for this year?

No

Were substantially all dues nondeductible by members?

Did the organization make only in-house lobbying expenditures of $2,000 or less?

Dues, assessments, and similar amounts from members

$0

Section 162(e) lobbying and political expenditures

$0

Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices

$0

Taxable amount of lobbying and political expenditures

$0

Does the organization elect to pay the section 6033(e) tax on the amount above?

If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?

Initiation fees and capital contributions

$0

Gross receipts for public use of club facilities

$0

At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?

No

Amount of tax imposed on the organization during the year under: section 4911

$0

Amount of tax imposed on the organization during the year under: section 4912

$0

Amount of tax imposed on the organization during the year under: section 4955

$0

Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?

No

Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958

$0

Amount of tax above, reimbursed by the organization

$0

At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?

No

Did the organization acquire a direct or indirect interest in any applicable insurance contract?

No

Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?

No

Number of employees employed in the pay period that includes March 12, 2006

30

Analysis of Income-Producing Activities (for 2007)

Unrelated business income

Excluded by section 512, 513, or 514

Related or exempt function income

Business code

Amount

Exclusion code

Amount

Total

$0

$21,630,026

$917,975

Program service revenue

Program service revenue 1

000000

$0

00

$0

$0

Program service revenue 2

000000

$0

00

$0

$0

Program service revenue 3

000000

$0

00

$0

$0

Program service revenue 4

000000

$0

00

$0

$0

Program service revenue 5

000000

$0

00

$0

$0

Medicare/Medicaid payments

000000

$0

00

$0

$0

Fees and contracts from government agencies

000000

$0

00

$0

$0

Membership dues and assessments

000000

$0

00

$0

$0

Interest on savings and temporary cash investments

000000

$0

Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)

$14,628,762

$0

Dividends and interest from securities

000000

$0

00

$0

$0

Net rental income or (loss) from real estate

debt-financed property

000000

$0

00

$0

$0

not debt-financed property

000000

$0

00

$0

$0

Net rental income or (loss) from personal property

000000

$0

00

$0

$0

Other investment income

000000

$0

00

$0

$0

Gain or (loss) from sales of assets other than inventory

000000

$0

Gain (or loss, to the extent allowed) from the sale of investments and other non-inventory property and from certain property acquired from financial institutions that are in conservatorship or receivership (sections 512(b)(5) and 512(b)(16)(A))

Did the organization make any taxable distributions under section 4966?

No

Did the organization make a distribution to a donor, donor advisor, or related person?

No

The total number of donor advised funds owned at the end of the tax year

$0

The aggregate value of assets held in all donor advised funds owned at the end of the tax year

$0

The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts

$0

The aggregate value of assets held in all funds or accounts included above at the end of the tax year

$0

Reason for Non-Private Foundation Status

The organization is not a private foundation because it is

Organization that receives a substantial part of its support from a governmental unit or from the general public

Support Schedule

1999

2000

2001

2002

2003

2004

2005

2006

Total

$11,972,547

$17,360,906

$15,468,611

$12,389,796

$13,084,359

$19,784,207

$21,458,702

$28,624,622

Gifts, grants, and contributions received

$7,465,624

$12,861,965

$10,834,530

$8,057,383

$9,033,597

$15,369,525

$15,953,101

$18,816,826

Membership fees received

$0

$0

$0

$0

$0

$0

$0

$0

Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose

$0

$0

$0

$0

$0

$0

$0

$0

Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975

$4,024,665

$3,924,118

$4,061,102

$3,604,967

$3,605,019

$3,860,562

$4,517,132

$9,022,352

Net income from unrelated business activities not included above

$0

$0

$0

$0

$0

$0

$0

$0

Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf

$0

$0

$0

$0

$0

$0

$0

$0

The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge

$0

$0

$0

$0

$0

$0

$0

$0

Other income

$482,258

$574,823

$572,979

$727,446

$445,743

$554,120

$988,469

$785,444

Lobbying Expenditures by Electing Public Charities (for 2007)

Total exempt purpose expenditures

$0

Total lobbying expenditures

$0

Total lobbying expenditures to influence public opinion (grassroots lobbying)

$0

Total lobbying expenditures to influence a legislative body (direct lobbying)

$0

Other exempt purpose expenditures

$0

Lobbying nontaxable amount

$0

Grassroots nontaxable amount

$0

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